Definition: The General Construction Insurance refers to the type of insurance that covers structures in construction projects, including buildings, bridges, roads, water and sewage systems, and other similar structures. It is a form of liability insurance that protects the property owner or occupant against potential losses caused by damage to the structure during its construction process. General Construction Insurance typically covers the following risks: 1. Structures damage due to natural disasters such as earthquakes, hurricanes, floods, landslides, etc. 2. Accidents on construction sites such as falls, slips, trips and falls, etc. 3. Theft of materials or equipment 4. Damage to buildings caused by fire, water damage, etc. 5. Structural defects, like cracks, leaks, or damage that cannot be repaired. The insurance policy is usually for a specific period of time from the date construction begins until the end of the project, and it will pay out the cost of repairs, replacements, or replacement costs related to these losses. Understanding General Construction Insurance can help in planning, assessing risks, and mitigating potential losses during construction projects.
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